Based on United States Federal taxes

QUESTION 5 In a like-kind exchange, Carol exchanges land used in her business for different land she will use in her business. The land she gave up was worth $60,000 and her basis in it was $72,000. The land she got back was worth $53,000 and she also got back $7,000 in cash. How much loss will she recognize (be allowed to deduct) on the transaction? O Zero $7,000. $12,000. $72,000. QUESTION 6 In a like-kind exchange, Bill exchanges land used in his business for different land he will use in his business. The land he gave up was worth $90,000 and his basis in it was $62,000. The land he got back was worth $85,000 and he also got back $5,000 in cash. What basis will Bill have in the land he receives? O Zero. $5,000. O $62,000. $85.000